Trade Recommendation: USDJPYThe Japanese Yen has a solid Hammer candle in place on the hourly chart (USDJPY). This has a great potential as a setup to go long on a breakout above the high of the candle.
There is support at the Opening Range low which is the lower set of white dots. This is a good place for the stop loss.
We must wait for confirmation however, and this will increase our chances of success if we buy on strength. Using the 60 minute chart we will want to buy on a breakout above 111.060. This will confirm the market wants to move higher. Place the stop loss and the profit targets stated below.
Entry Price: 111.060
Stop Loss: 110.880
Profit Targets: First profit target 111.350. Second profit target is 111.490. When the market hits first profit target bring the stop loss to breakeven, then trail a stop loss 15 pips as market moves up, until second profit target is hit.
This is a Trade Recommendation from hacked.com.
Here is the link:
https://hacked.com/trade-recommendation-usdjpy-17/
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